Brent Crude is ready for major move

Oil has been in a large falling wedge for the last year or so. Over the past three months, it has started to show some strength, as it has not yet retested the support of the falling wedge, instead finding new support at a trading line. It is impressive how the price is respecting the lower trend and new support line. Oil is currently in a symmetrical triangle, which is near its end, and soon there will be no place for it to consolidate on this level, forcing a significant move up or down.

It is currently below all major moving averages (MA), but the fact that the 8, 20, and 50-day MAs are all at the same level indicates an explosive move is imminent.
The relative strength index (RSI) is neutral and behaves similarly to the price.
The moving average convergence divergence (MACD) is coiling around the zero line, suggesting that the upcoming move will also be significant.

Overall: Brent Crude found support around $80, and while it has not yet bounced, it is preparing for a major move in either direction. This presents a great trading opportunity as we do not need to be bullish or bearish to make money. There is no bias as the price can move in both directions, but breaking the current pattern will lead to a strong move. Considering we are currently in a bullish pattern, there is a slightly higher chance for Brent to break up. If it does, the first major resistance would be at the BigRed level, around 14% from here. If it breaks down, the support would be at the trend line from the falling wedge, which is also around 13-15% from this level.

Overall, this presents an ideal opportunity for those trading based on patterns and edges.